David Rolfe presented his in-depth investment thesis on Apple (Nasdaq: AAPL) at Best Ideas 2017.
Apple is Wedgewood’s largest holding of 21 positions and a continuous holding since late 2005. David’s investment thesis is based on (i) unappreciated iPhone growth in 2017-2018; (ii) underappreciated services growth; (iii) an underappreciated services margin structure; (iv) underappreciated ecosystem growth; (v) underappreciated accretive share repurchases, particularly if a repatriation bill passes; and (vi) a cheap valuation, particularly when taking into account net cash.
About the instructor:
David Rolfe is Chief Investment Officer of Wedgewood Partners, a St. Louis based investment firm founded in 1988. Over the years, Wedgewood’s focus on undervalued large-cap companies combined with its “Invest as Business Owners” strategy have resulted in significant outperformance relative to benchmark indices. David joined the firm in 1992 in his current role and has been instrumental in achieving Wedgewood’s investment track record since then. David holds a Bachelors degree in Finance from the University of Missouri-St. Louis. He is a member of the CFA Society of St. Louis, where he has served as an officer and director.
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